LiveDeal Announces Strategic Reduction In Force Of Sales And Marketing Personnel
LiveDeal, Inc. (NASDAQ: LIVE), a Las Vegas-based provider of Internet marketing services for small businesses, announced today that it has eliminated 36 positions, all of which were held by personnel responsible for the sales and marketing of the company’s InstantPromote product through its subsidiary Local Marketing Experts, Inc.
“In the last several weeks, sales of our InstantProfile product, our subscription-based 360-degree solution, designed to give small and medium-sized businesses the ability to advertise on the Internet and communicate with their customers, have increased substantially and demonstrated tremendous potential,” stated Kevin A. Hall, President and Chief Operating Officer of LiveDeal. “Making these cuts will allow us to focus additional resources on the further development and expansion of our core InstantProfile product and its companions while we continue to service our existing InstantPromote customers.”
As a result of the personnel reduction, which reduced LiveDeal’s total workforce by approximately 60%, the company expects to reduce operating expenses by approximately $150,000 per month for the remainder of fiscal year 2011. LiveDeal will incur one-time cash expenses of approximately $98,000 in connection with the reduction in force, which includes approximately $60,000 of salaries and wages payable to the affected employees. Substantially all of those expenses will be incurred in the first quarter of fiscal year 2011.
For more information about LiveDeal’s products and services, please visit www.livedeal.com.Forward-Looking and Cautionary Statements This press release may include statements that constitute “forward-looking statements,” which are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Forward-looking statements (including the statement above regarding the company’s expectation that operating expenses will be reduced for the remainder of fiscal year 2011 as a result of the reduction in force) involve risks, uncertainties and other factors that may cause actual results, performance or achievements of LiveDeal, Inc. and its subsidiaries to be materially different from those expressed or implied by such forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV